Tue, 25 Jul 2023 | COMMERCIAL PROPERTY
The Hotel Riviera in Sidmouth, Devon has been acquired by a global property consultancy in a deal estimated to be worth around £3.5 million. The Riviera, which is located in a prime position on Sidmouth Esplanade, is a four-star boutique hotel.
The hotel is a grade II listed property comprising 26 en-suite bedrooms and suites, as well as an AA Two Rosette restaurant with 85 covers, a function suite and regency bar. It is located 14 miles from Exeter on the Jurassic Coast and offers uninterrupted sea views, with an external terrace overlooking Sidmouth’s beach.
The Riviera was marketed by Knight Frank’s Hotel Agency team with a guide price of £3.5 million. Everys Solicitors acted on behalf of the seller, owners Peter and Dena Wharton, while Porter Dodson acted for the unnamed overseas buyer. Prior to the acquisition, the hotel had been under family ownership for 50 years.
Matthew Smith, partner in Knight Frank’s Hotel Agency team, commented: “After a highly successful long-standing ownership, our clients can now commence their retirement plans following a successful marketing campaign with multiple offers received for the hotel, which demonstrates the demand for highly profitable, well-maintained hotels in prime coastal locations.”
“Our clients have built up a very strong relationship with both their staff and guests, and the new owner will further enhance the hotel offering and continue with its philosophy which has proved so successful over the years.”
In The Hotel Riviera's filleted unaudited financial statements for the year to April 30 2022, its fixed assets were valued at £292,211 and current assets at £556,270, with net assets standing at £477,227.
Despite an incredibly challenging market environment, the latest figures show that M&A in the UK hotels sector has remained resilient, with the industry continuing to generate strong dealmaking appetite among a wide range of investors.
Major country freehouse and Inn with a stunning detached owner's residence, all set in approximately 10 acres in an area of unmatched natural beauty. The Inn is located in a delightful country setting amid the rolling countryside of South East Cornwa...
FREEHOLD
This outstanding hotel business is now for sale in Buckingham. Since its founding in 2000, it has built up an impressive client base. Having a freehold tenure on the property aids an easy transition for a new owner. It sees a high annual turnover, pr...
FREEHOLD
The is a profitable hospitality business in a desirable Scottish region popular with tourists, and set in an affluent town.
04
|
Nov
|
Bon Accord keeps it in the family with MBO | MBO/MBI
The owners of Aberdeen-based home improvement firm Bon Accor...
04
|
Nov
|
Warm welcome for employee ownership at Optimum | BUSINESS SALE
Inverness-based Optimum Underfloor Heating Ltd has moved to ...
04
|
Nov
|
Access snaps up software peer Paytronix | BUSINESS SALE
Loughborough-based software firm The Access Group has acquir...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.